How to find a good IFA ?

jem16

EdInvestor wrote: »

This may be difficult to achieve, in that once someone understands how to plan his or her financial life and what products to use, the purpose and cost of a financial planner or IFA tends to appear surplus to requirements.

There is a big difference between understanding the way a product works and being able to actually choose the products themselves.

It is not actually after all rocket science once you have grasped the basic issues.

Neither is teaching but I'm still learning even after 32 years.

One strongly doubts that it is in planners or advisors' interest to educate their clients - rather, a lot better to keep them ignorant (and preferably bored by the subject) so the advisor can continue to do the work and pocket the fees and commissions.

I have learned a lot over the last 3.5 years, mostly down to being educated by my adviser, and I'm certainly not bored with the subject. In fact I'd be rather annoyed if he didn't continue trying to educate me.

However I have absolutely no intention of taking over control of my investments as I'm far too busy with my own job. Plus to be honest he does a better job than I would and the small amount I would save going DIY would soon be lost in poorer performance!

jem16

whiteflag wrote: »

arent local holidays a wonderful thing

Yep - let's have more of them!

whiteflag_3

jem16 wrote: »

However I have absolutely no intention of taking over control of my investments as I'm far too busy with my own job. Plus to be honest he does a better job than I would and the small amount I would save going DIY would soon be lost in poorer performance!

I love the irony of the thread that **investor started earlier re laziness and the repsonse to your last post!

jem16

whiteflag wrote: »

I love the irony of the thread that **investor started earlier re laziness and the repsonse to your last post!

Well she did have to get in her usual little dig about IFAs somehow.

Botany

I am also in the process of shopping around for an IFA. I chose 2 firms through Unbiased (I've met one of the selected IFAs already, and the other one I will meet this week). These are firms I approached on the sole basis of the information on Unbiased (i.e. I knew nothing about them before / I don't know anybody who has used them).

To make my search a bit more rounded I decided to ask around (to people I know and trust) for a recommendation and was given the name of someone who works for Openwork. Now, as many of you will know, Openwork are not IFAs as they offer products from a limited number of providers. This, of course, I don't like. On the other hand, the person does come highly recommended so I am a bit torn, I admit.

Any experience with Openwork int he forum? And is a whole of market yet unknown advisor better than a recommended but tied agent?

[Deleted User]

Following on from my original question - I saw an IFA yesterday. I have a few reservations - can I check out that I'm not being picky?

Firstly, he had some thank you cards on his desk; at one point he went out to take a call, and I had a quick look at them - and they were all blank!

Secondly, he's 61 - and I'm a bit concerned that this means that we won't be able to work with him for very long before he retires (although I also appreciate that he will have more experience - he says he's been in financial planning for 25 years). There are other IFAs in the practice.

Thirdly, a couple of times he talked about how some of the things we already had in place were better than he had (e.g. we have a very good mortgage deal), which didn't give me a great deal of confidence. (On the other hand, I do appreciate that it might have been about timing, e.g. he might have been locked into another product).

On the other hand, he seemed a nice person and was pleasant to deal with, and did have a lot of experience. (Am due to see another IFA next week to compare and will then choose one of them).

Is any of this cause for concern ?

dunstonh

Thank you cards could be those he sends out to new clients?

61 means you are not likely to get much of a relationship going before he retires. That could be an issue for you.

The fact he is not switching products around willy nilly and telling you what you have is a good thing normally. With mortgages it is not uncommon for current deals available through intermediaries to be not as good as the deal you already have. If you are already in a deal, then its rare to change it mid term anyway.

whiteflag_3

Corona wrote: »

Following on from my original question - I saw an IFA yesterday. I have a few reservations - can I check out that I'm not being picky?

If you have any reservations then walk away

at one point he went out to take a call,

what sort of professional goes out of a meeting to take a call?

Secondly, he's 61 - and I'm a bit concerned that this means that we won't be able to work with him for very long before he retires

Why did he tell you he was 61 ? No client of mine has ever asked or been told my age.

Thirdly, a couple of times he talked about how some of the things we already had in place were better than he had (e.g. we have a very good mortgage deal), which didn't give me a great deal of confidence. (On the other hand, I do appreciate that it might have been about timing, e.g. he might have been locked into another product).

Wouldnt read too much into that.

On the other hand, he seemed a nice person and was pleasant to deal with, and did have a lot of experience.

what evidence was there to say how much and what experience he had.

Just out of interest what did he say he could do for you ,how do his firm operate and how much was it going to cost.

whiteflag_3

dunstonh wrote: »

Thank you cards could be those he sends out to new clients?

no disrespect dh, but if you were in the habit of sending out thankyou cards to your clients (perhaps you do) wouldnt you keep them in a box with the evelopes in a draw or cabinet rather than open on your desk? Just a thought.

jamesd

Corona wrote: »

Thirdly, a couple of times he talked about how some of the things we already had in place were better than he had (e.g. we have a very good mortgage deal), which didn't give me a great deal of confidence. (On the other hand, I do appreciate that it might have been about timing, e.g. he might have been locked into another product).... Is any of this cause for concern ?

That one is a cause to be happy. He's supposed to be getting you the most appropriate deal for your needs, including saying he can't do better than what you have already.

He's passed an ethics test, whether you knew it or not. A poor one might have switched product anyway, to earn commission at your expense or without benefit to you.